Ohio home buyers using cash

Almost half of Ohio's home sales in October were cash transactions, according to a report released last week by RealtyTrac.

Almost half of Ohio’s home sales in October were cash transactions, according to a report released last week by RealtyTrac.

The real-estate listing and information service found that 49.2 percent of Ohio sales included no mortgage, higher than the national average of 44.2 percent. Cash buyers include large investors, bank purchases and empty nesters or other “move-down” buyers.

According to the report, 4.7?percent of Ohio home sales in October were purchases by investors, while 4.9 percent were sales for less than what was owed on the home and 18.1?percent were sold by banks.

In the Columbus area, 42.6?percent of sales were cash purchases, according to the report. About 18 percent were bought by banks, 6.1 percent were bought by investors, and 6.3 percent were short sales.

Health tied to ownership

A new report suggests that owning a home keeps you healthy.

The study, underwritten by the Mortgage Bankers Association’s Research Institute for Housing America, examined the health and housing of Americans 55 and older.

“The study found older Americans who own their homes are more financially secure and generally experience fewer impediments to good health than their peers who rent,” said Michael Eriksen of Texas Tech University.

“Renters have far more difficulty modifying their living space to adapt to any of the myriad physical ailments that tend to affect older people.”

Eriksen wrote the report with Gary Engelhardt of Syracuse University and Nadia Greenhalgh-Stanley of Kent State University.?

Size less of an issue

Even among luxury homebuyers, bigger isn’t necessarily better, according to a new survey by Better Homes and Gardens Real Estate.

The survey found that 60?percent of 500 luxury home buyers said they would rather have upgrades than more square footage in their home.

In addition, 94 percent of the buyers said they would be willing to give up 1,000 square feet of space in their next home to get a desirable lifestyle amenity such as a better neighborhood, a house with “character,” more land, access to dining and entertainment, and a shorter commute.

Some features considered “essential” include a garden oasis (53 percent), outdoor fireplace or fire pit (50 percent) and a separate guest house outside the main home (47?percent).